West TX Oil Below $102 Before U.S. Economy Data

West Texas Intermediate crude fell for the fourth time in five days amid speculation that economic data may signal slowing growth in the U.S., the world’s biggest oil consumer. Brent also dropped in London.

Futures slid as much as 0.6 percent in New York, extending a 1 percent decline last week. A preliminary index of U.S. service industries is forecast at 59.8 for July, the lowest level in three months, a Bloomberg News survey shows before a report from Markit Economics Ltd. The Federal Reserve is scheduled to review monetary policy at a two-day meeting starting tomorrow.

“There’s some book-squaring ahead of a potentially large data week,” Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone today. “The near-term trend is down. The 200-day moving average is at about $100, which is probably the center of gravity for West Texas.”

Bloomberg

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